Like millions of office workers around the world, staff across India have been granted work-from-home (WFH) privileges since the COVID-19 outbreak.
And given a proliferation of this trend, physical occupancy of offices across India has fallen to unprecedented levels, including at assets owned by Embassy Office Parks REIT (Embassy REIT), Asia’s largest office REIT by size.
The average portfolio occupancy for Embassy REIT before the Diwali festival was hovering at less than 10%, though it has inched up considerably since then with over 25k occupiers now working from their parks.
“Post Covid outbreak, a lot of people went off to their native places to stay, and continued working from home from there”, said Michael Holland, CEO of Embassy REIT in an interview with REITsWeek.
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